In your opinion, do AML laws do much to stop actual crime? If we didn't have them at all, would there be a big spike in crime?
Discussion
I have some links to research into the topic in this piece.
> The United Nations Office on Drugs and Crime estimated that only 0.2% of criminal proceeds are confiscated. Other estimates suggest a success rate from such anti-money laundering rules of 0.07% — a rounding error for organized crime.
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Thanks for the reference.
Sorry, I missed your comment. In the discussion, I talk about the effects these requirements may have on scaring people away from using banks and other financial institutions.
I give the example of a police car station in a corner in a neighborhood scaring away thieves. Even if the police doesn't catch anybody, the thieves will go in another neighborhood with their isn't a police car. So in that regard, it does serve a purpose.
I still don't think it's worth removing the liberties and freedoms and rights of every citizen in order to do that, however.
Thanks for answering. Makes sense. The juice is not worth the squeeze.